Motivated buyers continue to see Coquitlam and the Tri-Cities as a place to buy homes, according to the latest real estate statistics.
But you might have to compromise on price if you want to get a deal quickly.
That's what happened in September when a home listed for sale at 257 Warrick St., in the Cape Horn neighbourhood of Coquitlam, sold for more than $1.1 million.
According to the listing, the property was inherited and the buyer was "motivated" to sell.
"This home won't last," the listing said in all caps with multiple exclamation points.
Sure enough, the seller found a buyer very quickly.
The sale took place in early September — it was listed Sept. 6 and sold Sept. 7 — although it wasn't reported sold until Oct. 11, 2022.
The 6,000 sq. ft. lot was the property's biggest attraction.
Still, the seller sharpened their pencil to attract a buyer — then they dropped the price further to get the sale.
House sells after $100K price drop
The original listing price was $1.199 million or $40,000 less than its $1.239 million assessed value (as of July 1, 2021).
Then the seller agreed to drop the price a further $60,000, with the buyer signing a deal for $1.139 million.
The total price drop was $100,000 or more than eight per cent less than assessment.
Built in 1982, the home is 2,650 sq. ft. with four bedrooms and three bathrooms.
Photos available with the listing show an unfinished basement and some older furnishings.
Still, the home may have been a good deal for the right buyer.
Cape Horn home with rental income
Meanwhile, also in Cape Horn, a newer home on a similar sized lot is for sale and promises $6,000 in rental income.
According to the listing, the 39-year-old single-family house was renovated in 2003 and is located at 2205 Cape Horn Ave.
It's selling for $1,438,800, or more than $200,000 above the assessed value of $1,204,000.
More homes sold in October in Coquitlam
According to the most recent real estate statistics, Tri-City home sales surprised expectations, with more sales in October than in September, despite higher living costs.
The Real Estate Board of Greater Vancouver's (REBGV) latest data report showed a 23 per cent increase in sales from September to October across Coquitlam, Port Coquitlam and Port Moody/Belcarra.
— with a file from Kyle Balzer/Tri-City News
